Specialty Coffee Shops Market to Record 12.08% of Y-O-Y Growth Rate in 2021 | Barista Coffee Co. Ltd - One of the Leading Company Operates Coffee Cafes & Serves Customers throughout India| 17000+ Technavio Reports

• Total Pages: 120
• Companies: 10+ – Including Barista Coffee Co. Ltd., Brew Berrys Hospitality Pvt Ltd., Caffe Nero Group Ltd., Coffee Day Enterprises Ltd., Costa Ltd., Inspire Brands Inc., McDonald Corp., MTY Food Group Inc., Restaurant Brands International Inc., and Starbucks Coffee Company among others.
• Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape; COVID impact & recovery analysis
• Segments: Type  - Independent coffee shops and chain coffee shops
• Geographies: North America, Europe, APAC, MEA, and South America

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According to the recent market study by Technavio, the Specialty Coffee Shops Market is expected to increase by USD 64.82 billion from 2020 to 2025, with an accelerated CAGR of 13.62%. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.

41% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for specialty coffee shops in North America. Market growth in this region will be faster than the growth of the market in the European and South American regions.

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Vendor Insights-

The Specialty Coffee Shops Market is fragmented, and the vendors are deploying growth strategies such as focusing on product delivery through multiple distribution channels to compete in the market.

• Barista Coffee Co. Ltd- The company distributes coffee and related products. The company operates coffee cafes and serves customers throughout India.
• Brew Berrys Hospitality Pvt Ltd-The company offers coffee bars and teas in their outlets.
• Caffe Nero Group Ltd-The company offers food products such as skimmed milk, vanilla syrup, coffee, cakes, muffins, sandwiches, and snacks. The company also offers a chain of coffee shops.

Find additional highlights on the vendors and their product offerings. Download Free Sample Report

Regional Market Outlook

The specialty coffee shops' market share growth in North  America will be significant during the forecast period.  US and Canada are the key markets for specialty coffee shops in North America. Market growth in this region will be faster than the growth of the market in the European and South American regions.

Customization is a key element that numerous customers in North America, especially millennials, look for. Specialty coffee shops offer the option to customize coffee or other beverages as per customers' preferences. This will facilitate the specialty coffee shops' market growth in North America over the forecast period. 

Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.

Latest Drivers & Trends Driving the Market-

• Specialty Coffee Shops Market Driver:
  
• Increasing popularity of coffee among millennials
  
  The increasing popularity of coffee among millennials is another major factor supporting the specialty coffee shops market share growth. Rising affluence and changing consumer tastes have increased the demand for high-quality and specialized coffee products such as flavored coffee, particularly among the younger generation. An improvement in economic conditions and an increase in job opportunities have made different types of coffee more affordable for young consumers. Millennials tend to spend more on premium beverage brands than the rest of the population. They are also keen to experiment with new drink types, brands, and flavors. Manufacturers, therefore, strive to understand the tastes and preferences of millennials and target many offerings in this generation.
  
• Specialty Coffee Shops Market  Trend:
  
• Increasing consumption of coffee:
  
  One of the key factors driving growth in the specialty coffee shops market is the increasing consumption of coffee. Coffee is the second-most traded commodity in the world after oil, and the demand for coffee has been increasing at a significant rate in recent years. The cultivation of coffee is limited to 45 countries globally, with countries such as Brazil, Vietnam, Indonesia, and Colombia being the leading producers of coffee. The growing popularity and the easy availability of coffee are expected to increase its demand. For instance, the demand for coffee pods has been increasing at a significant rate in the US owing to its easy brewing and the convenience it offers to brew coffee at home. This has resulted in an increased preference of consumers for coffee. The increasing demand for coffee has resulted in an increased growth opportunity for the vendors in the market.

Find additional information about various other market Drivers & Trends mentioned in our FREE sample report.

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SOURCE Technavio